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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net loss     $ (110,676) $ (131,358)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock-based compensation     20,860 25,483  
Depreciation and amortization     6,205 7,199  
Net amortization/accretion on investment securities     (2,477) (4,998)  
Impairment of long-lived assets $ 2,382 $ 4,989 2,382 4,989  
Non-cash rent expense     2,277 2,694  
Non-cash collaboration revenue - related party     0 (14)  
Share of loss from equity method investments     0 554  
Changes in operating assets and liabilities:          
Deposit placed in escrow     (2,711) (21,429)  
Prepaid expenses and other current assets     1,242 (1,953)  
Other long-term assets     (1,503) 2,122  
Accounts payable     (758) 6,690  
Accrued and other current liabilities     (3,488) (6,670)  
Operating lease liabilities     (3,759) (2,845)  
Other long-term liabilities     447 49  
Net cash used in operating activities     (91,959) (119,487)  
Cash flows from investing activities:          
Purchases of property and equipment     (143) (8)  
Proceeds from maturities of investments     110,300 220,493  
Purchase of investments     (60,146) (123,739)  
Net cash provided by investing activities     50,011 96,746  
Cash flows from financing activities:          
Proceeds from CIRM award (Note 5)     6,908 2,280  
Proceeds from issuance of common stock upon exercise of stock options     0 813  
Proceeds from issuance of common stock under the employee stock purchase plan     638 856  
Net cash provided by financing activities     19,062 110,253  
Net change in cash and cash equivalents and restricted cash     (22,886) 87,512  
Cash and cash equivalents and restricted cash — beginning of period     85,510 93,447 $ 93,447
Cash and cash equivalents and restricted cash — end of period $ 62,624 $ 180,959 62,624 180,959 $ 85,510
Non-cash operating activities:          
Right-of-use asset obtained in exchange for lease liability     0 2,409  
Property and equipment purchases in accounts payable and accrued liabilities     215 0  
Non-cash deferred revenue and other long-term liabilities     3,079 3,079  
Supplemental disclosure:          
Cash paid for amounts included in the measurement of lease liabilities     (6,518) (6,173)  
ATM Offering          
Cash flows from financing activities:          
Proceeds from issuance of common stock from ATM offering, net of commissions and issuance costs     11,516 1,021  
Public offering          
Cash flows from financing activities:          
Proceeds from issuance of common stock from ATM offering, net of commissions and issuance costs     $ 0 $ 105,283